Friday, October 17, 2008

Sheffield plans portfolio expansion with Dh3.5bn new Waterfront projects

Sheffield Waterfront Projects
Sheffield Real Estate FZC, the Dubai-based property developer launched a major expansion of their project portfolio by embarking on three new projects at the Dubai Waterfront, worth a total of Dh.3.5bn.

The Chairman of Sheffield Real Estate, Abu Ali Malik Shroff, said "The company has carved a niche for itself over the years, as a real estate developer, focusing on master communities which have helped boost the stature of Dubai, as the world’s best destination for freehold realty investments. The Dubai Waterfront is another opportunity from Nakheel offering huge potential for maximizing returns from investments."

The Dubai Waterfront properties will now join with Sheffields developments such as residential properties in Dubai Marina International City, Shopping Mall in Mizin, and the commercial real estate development in Jumerah Lake Towers. The Dh.1.7bn Marina 101, one among the tallest towers in Dubai, is also a major real estate development by Sheffield.

The Nakheel Waterfront will transform the 1.4bn square feet of empty desert and sea, into an international community, housing about 1.5mn people, which would be twice the size of Hong Kong Island. It is developed along Dubai’s natural coastline, stretching 15kms, and will offer 70km of coastline in total.

Shroff revealed that Sheffield has received the concept approval to finalize the three residential developments within the Waterfront, spanning across a total of 3million square feet.

The flagship project of the company, the Dh.1.7bn Marina 101, worked with the money-back concept, wherein the company offered investors with 75 percent returns from the management, after possession of the property.

No comments: